Rupee dips to record intraday low of 85.10 vs US dollar, closes moderately stronger at 85.01

The Indian rupee depreciated to an all time low during the day, but ended slightly stronger at 85.01 per US dollar on a closing basis, due to the rebalancing of FTSE’s equity index and interventions from the Reserve Bank of India, traders said.

The rupee hit a low of 85.10/$1 during the day, before closing at 85.01/$1, slightly stronger than its previous close of 85.07/$1, LSEG data showed. The currency declined 0.2% on a weekly basis.

Intervention by the RBI at 85.10/$1 levels helped cap further depreciation in the rupee, traders said.

“The rupee gained a little due to FTSE rebalancing inflows of about $ 1 billion and likely RBI intervention as the rupee gained from a low of 85.1/$1 to 85.01/$1,” said Anil Bhansali, head of treasury at Finrex Treasury Advisors.

The dollar index was slightly lower at 108.2, down 0.2% from the previous day, retreating from a two year high.

Investors now wait for the US personal consumption expenditure (PCE) data expected later on Friday. Focus on US PCE data heightened after the US Federal Reserve pointed to a high inflation and scaled back rate cut projections for 2025.

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Rupee dips to record intraday low of 85.10 vs US dollar, closes moderately stronger at 85.01

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